Will vs. Trust

Will vs Trust – it’s really not a grudge match of opponents. Though there are advantages & disadvantages to each… the ‘spoiler alert’ is that both have a valuable place in your Estate Plan – and the story ends with both your Will and Trust(s) walking off into the sunset hand-in-hand.

While a Trust has it’s great advantages: Avoiding probate, no public notice, and a much quicker release of assets to it’s beneficiaries… the problem is that sometimes it’s hard to be absolutely, positively sure that all the assets of the Grantor have been identified and properly listed as contained within the Trust. (This is especially true when our loved ones, for reasons only known to them, keep some of their assets a secret — even from those to whom they are being left.)

For this reason, even if you’re all in on ‘Team Trust’, having what is called a Pour Over or Catch All Will is extremely important to make sure no asset get left behind!

It is likely not your true intent to leave your prize possessions for your State Treasurer. Though I’m sure they’d go to good use towards various highway and waterworks projects. Your Will remains an essential component of your Estate Plan.

Will vs Trust

Let’s consider – does absolutely everyone need both a Will and a Trust? – The answer is No. Perhaps your assets are small in net worth. Fairly straight forward in liquidation or in bank accounts with listed beneficiaries. Maybe public notice doesn’t concern you. And you are confident there will be no ‘in-fighting’ among the beneficiaries. Under these circumstances, a Will might be sufficient for you. In listing the Pros & Cons of Wills v. Trusts – The cost to set up a Will is indeed less than that of a Trust.

At the end of the day… what’s truly important is that your needs have been met and that a financially wise, smooth succession of your life’s efforts and assets has been set into place! Now that’s Peace of Mind!

I invite you to schedule a free consultation to discuss your personal estate planning needs. Let’s explore what is best for you and your family!